TDR Capital has managed four European mid-market buyout funds, representing a global, institutional investor base. As one of the largest investors in each of our funds, we have a close alignment of interests with our investors.
Manjit Dale and Stephen Robertson, with backing from The Tudor Group, established TDR Capital in 2002. Manjit and Steve have worked together since 1995 and were instrumental in building DB Capital Partners, the European leveraged buyout arm of Deutsche Bank, into one of the leading buyout firms in Europe.
Under Manjit and Steve’s management, the DB Capital Partners portfolio of over 20 investments provided strong returns to investors, generating an internal rate of return (“IRR”) of over 63% and returning c. 3.0x of invested capital. Please see Pre-TDR investments for examples of investments from this portfolio.
TDR Capital manages three European mid-market buyout funds managing in excess of €8 billion of capital commitments:
- TDR Capital II, a 2007 vintage fund, closed with commitments of €2.2 billion (with additional capital raised in 2016 as an Annex Fund).
- TDR Capital III, a 2013 vintage fund, closed with commitments of €2.1 billion.
- TDR Capital IV, a 2018 vintage fund, closed with commitments of €3.5 billion.
TDR Capital I, a €550 million 2003 vintage fund, is fully realised and achieved a gross multiple of c. 2.7x and a gross IRR of c. 68%.
TDR Capital’s investors include various types of institution from a broad geographical base, including pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments and foundations, family offices and individuals.
Furthermore, the TDR Capital team is one of the largest investors in each of our funds, demonstrating our close alignment of interests with our investors.
We encourage open and transparent dialogue with investors, both existing and prospective. This is reinforced by regular meetings, as well as quarterly reporting, quarterly update calls and our annual investor conference.